The Howick commercial property at 123 Vincent St occupies a high-profile corner site. Photo / Supplied
A prime commercial property in the highly sought-after Auckland suburb of Howick, is expected to attract investors, potential owner-occupiers and developers, and is one of the feature offerings in Barfoot & Thompson Commercial's new Insite portfolio.
"The property is in location where there is a high pedestrian count and it has a strategic corner profile," says Anton Fatkin, commercial and industrial agent with Barfoot & Thompson Commercial, who is selling 123 Vincent St by deadline private treaty closing at 4pm, on Wednesday, May 24, unless it sells earlier by negotiation.
A freehold level lot of 1103sq m includes four uncovered on-site car bays giving each tenancy its own exclusive parking.
"The building is split into two tenancies which benefit from a high-visibility profile on the corner of two arterial routes - Vincent and Moore Sts," he says.
Zoned Business Light Industry under the part-operative Auckland Unitary Plan, both tenancies are leased and draw total holding income of $63,972 net per annum plus GST.
"The building has significant rental upside because the landlord has not increased the rents since the leases commenced in 2011," says Fatkin.
"Both tenancies have market rent reviews, which provide the new owner with the right to renegotiate the rentals with both tenants."
One of the tenancies is up for a rent review in June 2017 with its final expiry being May 2019; and the other is due for renewal in July 2018 with its final expiry being June 2020.
Built in the mid-1970s and comprising warehouse, office and retail space equipped with three-phase power, the tenants have taken advantage of their strategic position with good signage facing oncoming traffic from Vincent St.
"The property is on the southern side of Moore St and eastern side of Vincent St in a location which has grown in popularity with businesses in recent years due to having a wide range of high-quality amenities and services," Fatkin says.
"It has dual access from both streets and it also has a small securely gated yard area."
Nearby businesses include: a New World supermarket, Countdown Howick, the 219 Retail Centre, Botany Medical Centre, ABC Howick Childcare, Paper Plus, Howick Health & Medical Centre and BP Plus.
Fatkin says the Business Light Industry zoning allows for a maximum height for development of in this area of 20m.
Another prime commercial property that is similarly likely to appeal to a range of buyers including owner-occupiers, investors and developers is available to the south in the heart of Papatoetoe.
Fatkin is also marketing this freehold property with a total building area of 90sq m on a level rectangular 1012sq m site on one title at 33 Dunnotar Rd.
It comprises a commercial yard and a three-bedroom single-level house that is rented out.
"It is well-positioned in the centre of Papatoetoe in a location projected for extensive residential growth."
The property will be auctioned at 12pm on Tuesday, May 30, at the Conference Centre, Manukau Sports Bowl, unless it sells earlier.
"The residential building has a 23m frontage to Dunnotar Rd while the yard at the rear facing Webster Lane has a frontage of 25m; and the site has a with an average depth of 45m," says Fatkin.
The land is zoned Town Centre under the part operative Auckland Unitary Plan - a zoning that is applied to suburban centres throughout Auckland, along with the satellite centres of Warkworth and Pukekohe, and the rural town of Helensville.
"The centres are typically based on main arterial roads, which provide good public transport access," Fatkin says.
"The zone provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services; and permits buildings of between four-to-eight storeys high, depending on the characteristics of the centre.
"Increased height within the centres is designed to facilitate increased office and residential living opportunities on the upper floors."
Situated on the eastern side of Dunnotar Rd, the property is close to Papatoetoe's main arterial Roads: St George St, Station and Wyllie Rds.
Nearby businesses and amenities include: a New World supermarket, Papatoetoe Library, Papatoetoe Family Doctors, Papatoetoe Cosmopolitan Club, Kiwicare Preschool, Papatoetoe West School and Murdoch Park Kindergarten.
Quick access to the State Highway 1 southern motorway and SH20 southwestern motorway puts the neighbouring suburbs of Manukau, Wiri and Mangere within easy reach," Fatkin says.